Who Pays Extra Fees?

[Terrel L. Shields]

The Realtor's problem. I am not "keeper of the key" and will not let myself into an occupied house for liability reasons. The Realtor can meet me there. I don't want to step in and get shot by someone who didn't expect me or ate up by a Rottwieler. I don't want accused of stealing grandma's china.

Tell the Realtor you ain't closing unless he pays the late fee. You seem to think the appraiser ought to suck it up. The appraiser likely was misinformed about the property and asked to upgrade the appraisal fee. Happens to me all the time. The one I inspected today conveniently "forgot" to tell me that there is a well and a house "out there" in the brush somewhere but he didn't know where. The place is completely grown over. So I am supposed to drive thru 40 acres of scrub brush knocking down the trees and no one knows where the old driveway even was? Of course, the house was rotten and falling in. There was a picture of a shed on the assessor's card. We never did find it. Extra fee? I charge by the hour - I probably should have charged by the seed tick, too...

 

[sputnam]

One way or another, the buyer/borrower always pays.

 

[jonw9]

I was out of town on business, and wasn't able to respond to this thread.

First, I am sorry my initial message came of as condescending of your profession, I did not mean that at all. As for the "just get paid comment" what I meant is you collect your fee from the mortgage company (who initiated the deal), but have no knowledge who actually paid for it at closing/whenever. I presumed you have no dog in the fight if the seller, buyer, or whomever foots the bill.

Appraisal came in OK, meant that there were no issues, regarding missed or added items. Not a reflection of the actual 'value' attached.

The rejected the appraiser (by the listing agent, I am the buyer), the response I received multiple times was indeed this is against the 'rules' and he should not have been able to do that. Although it seemed it was just shrugged off. I don't know if the first appraiser filed a complaint or not. I hope he did.

I was also not arguing the legitimacy of the missed appointment charge, just trying to feel out the situation. It turned into a big he-said/he-said argument with both sides claiming no fault. If I had been given the option to meet the appraiser and let him in myself, I would have. I trust the listing agent as far as I could throw him (which is NOT very far).

Thanks for the info on the complexity charge. It is indeed waterfront property. I kind of though the information would have been relayed prior. We were under contract on 2 other properties last year, and neither appraisal incurred this fee. So it could be a partial reason #1, #3, #4.

Closing is scheduled for Wednesday, and at this time both agents have agreed to split the fee for the missed appointment.

 

[jonw9]

Closing is done. Selling agent refused to pay for the fee, even though he did admit it was his fault (verbally to my agent).

It appears that my mortgage company ate the fee, as it was not handed down to me.

Thanks all for your help.

 

[Stone]

Glad it went well. The agent should have paid you.

 

[Delta85]

Closing is done. Selling agent refused to pay for the fee, even though he did admit it was his fault (verbally to my agent).

It appears that my mortgage company ate the fee, as it was not handed down to me.

Thanks all for your help.

Another example of realtors acting juvenile and spiteful. He no showed and should have been man enough to pay the trip fee.

 

[Meandering]

I was out of town on business, and wasn't able to respond to this thread.

First, I am sorry my initial message came of as condescending of your profession, I did not mean that at all. As for the "just get paid comment" what I meant is you collect your fee from the mortgage company (who initiated the deal), but have no knowledge who actually paid for it at closing/whenever. I presumed you have no dog in the fight if the seller, buyer, or whomever foots the bill.

Appraisal came in OK, meant that there were no issues, regarding missed or added items. Not a reflection of the actual 'value' attached.

The rejected the appraiser (by the listing agent, I am the buyer), the response I received multiple times was indeed this is against the 'rules' and he should not have been able to do that. Although it seemed it was just shrugged off. I don't know if the first appraiser filed a complaint or not. I hope he did.

I was also not arguing the legitimacy of the missed appointment charge, just trying to feel out the situation. It turned into a big he-said/he-said argument with both sides claiming no fault. If I had been given the option to meet the appraiser and let him in myself, I would have. I trust the listing agent as far as I could throw him (which is NOT very far).

Thanks for the info on the complexity charge. It is indeed waterfront property. I kind of though the information would have been relayed prior. We were under contract on 2 other properties last year, and neither appraisal incurred this fee. So it could be a partial reason #1, #3, #4.

Closing is scheduled for Wednesday, and at this time both agents have agreed to split the fee for the missed appointment.

You can make the complaint to the CFPB over the agent choosing the appraiser. Maybe the extra fee charge was the agent kickback for the appraisal work. None of us know, and maybe you don't either, but if there is a value issue with your property down the road, it might be a consideration if it's known.

.

 

[Terrel L. Shields]

As for the "just get paid comment" what I meant is you collect your fee from the mortgage company (who initiated the deal), but have no knowledge who actually paid for it at closing/whenever.

Just to clarify. Officially, our client is the bank who funds the loan. The bank is the one who is the only intended user of the report. They have to get and pay for an appraisal because federally regulated institutions are backing the loans thus have to play by Uncle Sam's rules.

The other parties (mortgage lender, loan officer, Realtor, etc.) are not intended users of the report. The report is solely required because it is how the bank proves that their loan criteria is met regarding Loan to Value.

That does not mean we do not know that others look at the report, but the bank is held responsible for the report. And they are our client, not anyone else.